Sounds like an epidemic of small businesses discovering this $500 cancellation fee when they end the relationship. To the employee's point on a rebuttal, Yes I should have read the "program guide" more closely but like most people, I rely on a company that is part of a huge corporation to be straightforward and point out the "cost of doing business". Especially, when I ask the question directly.
They certainly shove their great low rates down your throat and don't even mention and early cancellation fee. The person that I conversed with convinced me to sign up when she told me that I could cancel my old processing company without any charges. While it sounds like I am out $500, I plan to end my current vehicle loan, credit card account and review my other accounts to make sure I am no longer doing business with any company owned by First Data and/or J.P. Morgan Chase (The two company names on the bottom of my agreement anyway)
Also, NOTE: If you are using this processor for your credit cards consider reviewing you "program guide" for information regarding your right to cancel upon an increase in rates (I believe you can do so within 30 days of the rate increase). My way of thinking is that all businesses should reference by type and amount all potential fees associated with the agreement. That is my 2 cents worth (I had $500.02 but someone took the $500)
0 comments